Topic: I'm All In - Sold My House! - page 65. (Read 112579 times)

[edit] I think you didn't understand what I meant by forks. Every altcoin that is based on the bitcoin client is a fork. I didn't mean forking of the bitcoin blockchain (we could debate on whether the continuation of a fork of the blockchain should also be called an altcoin)

Exponential growth and the S-curve. It needs to be sustained to work.
Bitcoin has aspects of a pyramid scheme. By definition if it succeeds then those that move in last are the ones that lose/profit the least.
All you need is some alt that offers enough incentive to gain strong traction and hold it.
If the profits there are higher than in bitcoin your greed comes to bite you.

Just a hypothetical example: ZeroCoin offers better privacy and the Bitcoin devs can't / won't implement a zero knowledge proof for bitcoin
For some reason people are incentivized to desperately want that added privacy (taxes, repression, you get the idea).
All it really takes is for an alt to be as widely used/accepted to become a real danger.

I personally believe that before that happens the protocol would be adapted. But like I said this is predicting the future and therefore a gamble

Greed is one of the fundamentals. It's why miners mine. It's why investors invest. It's why traders trade. And it is why we won't see a fork or a 51%.

I am by no means a bear and believe that bitcoin has the potential to become something huge.
But I feel that it is important to counter-balance these insane claims.

Clearly you do not understand the fundamentals, not one bit.
Bitcoin is two things. It is a protocol for securely transferring ownership of bitcoins and it is an abstract representation of value.
The first part is formally provable which is why we place trust in bitcoin.
The second part is a perception of its utility now and in the future.
Bitcoin's value fluctuates so much because of the uncertainty about the future outcome.
It is highly arrogant to believe that only you can see with certainty how bitcoin will succeed and everyone else is oblivious to the technological significance. If it were that clear that bitcoin will succeed the price would have quickly converged on what it should be in the future.

There is the very real possibility of a bitcoin fork or an entirely different project to ultimately succeed.
Look at the Linux world. Can you say with certainty that only one distro is "the one"?
You are making projections into the future and as such they inherently are uncertain. To call this anything but a gamble is a fallacy.
The real question that one should ask is what are the odds.
I personally believe them to be about 50%

In my eyes OP is too focused on the potential value. This is a sign of greed and that rarely leads to great decisions

Hi Tay,
I'd like to do a feature on this for BitScan magazine. Can you PM me if you're interested?
Thanks!

Good luck, ur young and u can take risks.

I would tell u not to go all in, u have some decent amount of money try to diversify that. U can for example go 80% bitcoin and 20% in other investments if u really want to put most of ur money in bitcoin. Keep in mind that bitcoin has already been around for 5 years bull run still has life in it but the risks are higher now and rate of returns will be lesser and slower compared to the past. A 50% - 50% portfolio would be more ideal.

Of course its ur decision. Some went all in in the past and are millionaires now.

I don't think this is a good diversification strategy. Bitcoin is still so young that you shouldn't need to invest a fortune to get rich if it realizes its potential.

im curious on what was your buy in point? what price that is

I wish you luck with your investment and hope it plays out well. 

When BTC runs up 5x within the next 6 months make an offer to buy the house back. That would make a good news story   

Reserved

Will comeback after your coins are worth 100x
2016 I guess

1) Figure out your actual cost/BTC (starting with what you would have wanted for the house, and estimating the fees), i.e. How much would you have now if sold the normal way?
2) Now sell at least ~10% of the BTC (this week!) for a very small profit and ~10% when up ~$100/BTC
3) Buy back for a profit when BTC falls.
4) Sell on rallies and repeat, since you are increasing your number of BTC.

The Bear Market could get nasty + by selling only 20% you are not risking "missing out" on a huge Rally.
Take this advice or you may later really wish you had, good luck.

Bro, that is insane... But I wish you good luck!

" You gotta risk it to get the biscuit! "

how do you secure your 648 bitcoin?

you are on your own, no one can secure that for you

I really hope the OP has some financial backing other than that house he just sold for BTC. This can go either way in coming years; he can be a billionaire or he can be living on road.
And it would be a pity to see his father's property go for nothing.

Just HODL ! You are going to be rich !

lol sick gl man

Ahh, to be young n' dumb again. I miss those exciting days.

Rather than think of it as simply an investment I like to think that it will take over the whole fiat currency system rather than picture it as a "stock". Then by pure scarcity it's value will have to increase, rather than be inflated like your typical fiat printing factories

I will quote myself when you won't be able to sell the BTC and get half the price of your house, no doubt at the back of my mind.

Bitcoins won't last as an investment, stop with the greed.

Good luck! I, like a lot of others, would definitely see a good chunk of it now. At least half.. just to reduce the risk. But, if you value the potential returns that much, then again - I wish you luck.